Price Analysis

Zcash (ZEC) Price Analysis : Zcash is Expected to Trade Around $500 by the End of 2019

Zcash is referred to as alternative cryptocurrency that is aimed to displace Bitcoin as the main medium of exchange and a store of value in this digital currency arena. Zcash is outstanding for its advanced privacy technology that incurs zero-knowledge proof to verify a transaction. This implies upon the fact that the transaction parties don’t have to reveal their amount to any third party members. It started as a fork of Bitcoin blockchain in 2016 by Zooko Wilcox, and it is also a decentralized blockchain with the feature of anonymity.

Current status of Zcash

Zcash is currently getting traded at $56.03 (UTC time 06:14). With its market cap worth of USD 346,507,794 and circulating supply of 6,183,844 ZEC, it is the 22nd largest cryptocurrency. It is currently running on a bullish trend of 2.50%.

Price analysis of Zcash by Zcash charts

ZcashThe above chart shows that Zcash is currently getting traded at 56.17 USD or 0.01388492 BTC (UTC time 06:17). Its current market cap is worth of 347,361,000 USD with 185,511,810 USD as its 24h volume. The same chart shows that approx. One month earlier, Zcash had a trading value of 52.35 USD. So, in this approx. One month period, the value of Zcash has been on a bull trend by 7.29% with 50.43 USD as a good support resistance.

Future price predictions of Zcash

As per the assumption of Crypto Ground, Zcash is expected to reach $135.70 by the end of 2019. They also predicted that it could reach to $1358.81 by 2023. According to Trading Beasts, Zcash has the potential to grow by threefold of its current value and subsequently, it may reach $146.24 by 2019 end. Being Crypto assumed that Zcash is susceptible to trade around $380 by the end of this year and in five years, it can even reach to $760.

The developers of Zcash is planning to improve scalability issues of this crypto for allowing an unlimited number of transactions in reality. They are also working on novel consensus algorithms like Proof-of-Stake along with scalable and private smart contracts. With all these developments to be launched this year, Zcash has the potential to trade around $500 by the end of this year.

Conclusion

Zcash is a potential cryptocurrency. It will be relaunched with more beneficial updates that can benefit traders, organizations, and investors to a great extent. Considering the above predictions, Zcash can be a good option for long term investment.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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